RALEIGH, N.C., Aug. 24, 2017 (GLOBE NEWSWIRE) -- Martin Marietta Materials, Inc. (NYSE:MLM) today announced that its Board of Directors approved a five percent increase in the quarterly cash dividend to $0.44 (forty-four cents) per share on the Company’s common stock. This dividend, which represents a cash dividend of $1.76 per share on an annualized basis, is payable September 29, 2017, to shareholders of record at the close of business on September 5, 2017.
Ward Nye, Chairman and Chief Executive Officer stated, “We are dedicated to maintaining a disciplined capital allocation. As we have consistently indicated, our priorities for capital are valuable strategic acquisitions, organic investments, and returning cash to our shareholders through a meaningful and sustainable cash dividend and our share repurchase program. Consistent with this objective, we are pleased that our performance and outlook for future growth in earnings and cash generation has enabled us to once again increase our annual cash dividend. We believe this allows us to return value to our shareholders over the long term.”
Martin Marietta, a member of the S&P 500 Index, is an American-based company and a leading supplier of building materials, including aggregates, cement, ready mixed concrete and asphalt. Through a network of operations spanning 26 states, Canada and The Bahamas, dedicated Martin Marietta teams supply the resources for building the solid foundations on which our communities thrive. Martin Marietta’s Magnesia Specialties business provides a full range of magnesium oxide, magnesium hydroxide and dolomitic lime products. For more information, visit www.martinmarietta.com or www.magnesiaspecialties.com.
Investor Contact: Suzanne Osberg Vice President, Investor Relations (919) 783-4691 Suzanne.Osberg@martinmarietta.com
Source:Martin Marietta Materials