Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Buckeye Technologies (NYSE: BKI) surged more than 15% in intraday trading Wednesday after the cellulose products specialist posted better-than-expected quarterly results and raised its dividend substantially.

So what: Driven by price increases and a more optimal product mix, Buckeye's adjusted earnings for the second quarter more than doubled to $0.50 per share. Those strong results, which included higher sales and margins, as well, also prompted management to increase its quarterly dividend 25% to $0.05 per share.

Now what: Don't let today's big rally scare you away from Buckeye. When you factor in the dividend hike, Buckeye still sports a yield of nearly 1% and trades at a clear forward P/E discount to rivals Rayonier (NYSE: RYN) and Weyerhaeuser (NYSE: WY). Of course, the stock also has a beta of 2.7, so Fools should expect a bumpy ride along the way.

Interested in more info on Buckeye? Add it to your watchlist.

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Try any of our Foolish newsletter services free for 30 days.

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