Applied Materials Inc AMAT shares are trading higher Friday morning after the company announced a $6 billion buyback and raised its quarterly dividend from 24 cents to 26 cents per share.
The buyback supplements the previous repurchase authorization which had $3.2 billion remaining at the end of fiscal first quarter 2022.
The dividend will be payable on June 16, to shareholders of record as of May 26.
"The new share repurchase authorization and dividend increase demonstrate Applied Materials’ confidence in the long-term growth of our markets, the strength of our technology, and our ability to generate strong cash flow and attractive shareholder returns," said Gary Dickerson, president and CEO of Applied Materials.
See Also: Why DocuSign Shares Continue To Slide Today
AMAT 52-Week Range: $112.14 - $167.06
Applied Materials shares were up 3.08% at $128.65 at time of publication.
Photo: ranjatm from Pixabay.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
