Applied Materials (AMAT) will raise its quarterly dividend by 5.0% to $0.21 per share in the first quarter of 2019. Last year the semiconductor company doubled its dividend payment.

The next dividend is payable on June 13, 2019 to shareholders of record as of May 23, 2019. A new annual rate of 84 cents per share yields 2.2% at a stock price of $37.74.

“The dividend increase reflects our ongoing commitment to return capital to shareholders while investing in the future growth of the company,” said Gary Dickerson, president and CEO. “Applied Materials is in a great position to deliver new innovations that accelerate our customers’ roadmaps and increase shareholder value over the long term.”

Applied Materials, Inc. is the leader in materials engineering solutions used to produce virtually every new chip and advanced display in the world. The company provides manufacturing equipment, services and software to the global semiconductor, display and related industries. Applied Materials has three operating segments: Semiconductor Systems, Applied Global Services and Display and Adjacent Markets. The company's customers include manufacturers of semiconductor chips, liquid crystal and organic light-emitting diode (OLED) displays, and other electronic devices. Applied Materials was incorporated in 1967 and has paid a dividend every year since 2005.