Applied Materials Raises Dividend, Announces $2B Stock Buyback

Santa Clara, Calif. -- Applied Materials, a Santa Clara-based developer of equipment, services and software used to make semiconductors, said on Monday that its board has approved a $2 billion stock repurchase program over the next three years. The company also has increased its quarterly cash dividend by a penny to $0.07 a share. Mike Splinter, Applied's chairman and CEO, said that the dividend increase "reflects our confidence in the company's near and long-term prospects for growth and profitability," while the buyback program "provides a flexible means to return excess cash to shareholders." The company had approximately 1.34 billion shares of stock outstanding as of Jan. 31.
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