Martin Marietta Materials said it raised its quarterly dividend by 1%, to 84 cents a share, from 83 cents a share.

The new payout, equal to $3.36 a share on an annualized basis, represents an annual yield of about 0.6% based on Thursday's closing price of $544.76.

Chief Executive Ward Nye said the increase reflects the company's disciplined approach to capital allocation, strong cash-flow generation and confidence in its ability to perform through economic cycles.

The dividend is payable to shareholders of record as of Sept. 1 on Sept. 30.