Martin Marietta Materials (MLM) will raise its quarterly dividend by 14.6 percent to $0.55 per share in 2019. Last year the dividend was raised by 9.1 percent, marking the 3rd consecutive year of increases at the time.

The next dividend is payable on September 30, 2019, to shareholders of record at the close of business on September 3, 2019. A new annualized rate of $2.20 per share yields 0.9% at a stock price of $254.84.

Ward Nye, Chairman, President and Chief Executive Officer, stated, “During our 25 years as a public company, Martin Marietta has responsibly grown and managed our business to create long-term shareholder value. Today’s announced dividend increase, which represents one of the largest in our Company’s history, builds on our track record of delivering meaningful and sustainable dividends as part of our balanced capital allocation strategy. We are proud to be the only public company in our industry to have never reduced or suspended our dividend payments – a testament to Martin Marietta’s steadfast focus on cash generation, balance sheet strength and operational excellence.”

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.