Martin Marietta Materials (MLM) will raise its quarterly dividend by 9.1 percent to $0.48 per share in 2018. Last year the dividend was raised by 2 cents to 44 cents per share quarterly.

The next dividend is payable on September 28, 2018, to shareholders of record at the close of business on September 4, 2018. A new estimated annual dividend of $1.92 per share yields 1.0% at a stock price of $978.72 for MLM.

Ward Nye, Chairman and Chief Executive Officer stated, “Since becoming a public company in 1994, Martin Marietta has maintained or increased its quarterly cash dividend payment. Today’s announced increase builds on our track record of delivering a meaningful and sustainable dividend as part of our long-standing and balanced capital allocation priorities.  Martin Marietta’s strong cash flow and financial flexibility allow the Company to simultaneously return capital to shareholders through growing dividends and share repurchases, while also prudently investing in growth opportunities.”

Martin Marietta Materials, Inc. is a supplier of supplier of building materials, including aggregates, cement, ready mixed concrete and asphalt. Martin Marietta’s Magnesia Specialties business provides a full range of magnesium oxide, magnesium hydroxide and dolomitic lime products. The company has operations in the United States, Canada and The Bahamas. Martin Marietta has paid a dividend every year since it became a public company in 1994.