Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

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Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Stock Information

Our Common Stock is traded on the Nasdaq Global Select Market under the symbol LRCX. As of August 10, 2016, we had 454 stockholders of record. In fiscal year 2016 we paid our stockholders quarterly dividends of $0.30 per share, and in fiscal year 2015, quarterly dividends of $0.18 per share. The table below sets forth the high and low prices of our Common Stock as reported by The Nasdaq Stock Market, for the period indicated:



	2016
High			Low
First Quarter	$	84.13		$	61.20
Second Quarter	$	80.85		$	61.65
Third Quarter	$	81.29		$	63.10
Fourth Quarter	$	87.19		$	72.00
	2015
High			Low
First Quarter	$	77.35		$	66.70
Second Quarter	$	85.70		$	65.78
Third Quarter	$	84.49		$	69.92
Fourth Quarter	$	84.39		$	69.07

Repurchase of Company Shares

On April 29, 2014, the Board of Directors authorized the repurchase of up to $850 million of Common Stock. These repurchases can be conducted on the open market or as private purchases and may include the use of derivative contracts with large financial institutions, in all cases subject to compliance with applicable law. Repurchases will be funded using our on-shore cash and on-shore cash generation. This repurchase program has no termination date and may be suspended or discontinued at any time. As part of our share repurchase program, we may from time-to-time enter into structured share repurchase arrangements with financial institutions using general corporate funds. As part of our share repurchase program, we may from time-to-time enter into structured share repurchase arrangements with financial institutions using general corporate funds. We currently are restricted from repurchasing our common stock pursuant to the KLA-Tencor merger agreement.

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Share repurchases, including those under the repurchase program, were as follows:



Period	Total Number of Shares Repurchased (1)	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Amount Available Under Repurchase Program
	(in thousands, except per share data)
Available balance as of June 28, 2015					$	316,587
Quarter Ended September 27, 2015	1,413	$	72.69	1,205	$	229,094
Quarter Ended December 27, 2015	184	$	69.76	—	$	229,094
Quarter Ended March 27, 2016	297	$	67.63	—	$	229,094
March 28, 2016 - April 24, 2016	127	$	82.54	—	$	229,094
April 25, 2016 - May 22, 2016	10	$	75.03	—	$	229,094
May 23, 2016 - June 26, 2016	99	$	83.63	—	$	229,094
Total	2,130	$	72.84	1,205	$	229,094


(1)	In addition to shares repurchased under the Board-authorized repurchase program, we acquired 924,823 shares at a total cost of $67.6 million which we withheld through net share settlements to cover minimum tax withholding obligations upon the vesting of restricted stock unit awards granted under our equity compensation plans. The shares retained through these net share settlements are not a part of the Board-authorized repurchase program but instead are authorized under our equity compensation plans.

(1)

In addition to shares repurchased under the Board-authorized repurchase program, we acquired 924,823 shares at a total cost of $67.6 million which we withheld through net share settlements to cover minimum tax withholding obligations upon the vesting of restricted stock unit awards granted under our equity compensation plans. The shares retained through these net share settlements are not a part of the Board-authorized repurchase program but instead are authorized under our equity compensation plans.

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Lam Research Corporation 2016 10-K 29

Cumulative 5-year Return

The graph below compares Lam Research Corporation’s cumulative 5-year total shareholder return on Common Stock with the cumulative total returns of the NASDAQ Composite index, and the Philadelphia (“PHLX”) Semiconductor Sector Index. The graph tracks the performance of a $100 investment in our Common Stock and in each of the indices (with the reinvestment of all dividends) from June 30, 2011 to June 30, 2016.



COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN*
	Among Lam Research Corporation, the NASDAQ Composite Index, the S&P 500 Index, and the PHLX Semiconductor Index

*$100 invested on 6/30/2011 in stock or index, including reinvestment of dividends. Fiscal Year ending June 30.



	6/11	6/12	6/13	6/14	6/15	6/16
Lam Research Corporation	100.00	85.23	100.14	153.04	186.18	195.44
NASDAQ Composite	100.00	108.58	128.19	169.08	192.10	187.57
S&P 500	100.00	105.45	127.17	158.46	170.22	177.02
PHLX Semiconductor	100.00	104.43	123.18	166.91	174.92	184.43

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Lam Research Corporation 2016 10-K 30

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