Lam Research Corp (LRCX) will raise its quarterly dividend by 120 percent to $1.10 per share in the second quarter of 2018. This marks the fourth consecutive year in which the dividend was hiked by double digits.

The dividend payment will be made June 27, 2018 to holders of record on June 6, 2018. The new dividend yields 2.2% based on the current stock price of $203.33 for LRCX. Last year the company hiked its dividend by 11.1 percent to $0.50 quarterly.

Lam Research Corporation is a supplier of wafer fabrication equipment and services to the semiconductor industry. The company's products are used in a variety of electronic products, including mobile phones, personal computers, servers, wearables, automotive devices, storage devices, and networking equipment.  Lam's customer base includes leading semiconductor memory, foundry, and integrated device manufacturers that make products such as non-volatile memory, DRAM memory, and logic devices. Incorporated in 1980, Lam Research is headquartered in Fremont, California. The company has a network of facilities throughout Asia, Europe, and the United States. Lam Research initiated its dividend in 2014, and has increased it annually ever since.