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International Paper (IP) Stock Up in After-Hours Trading on Dividend Hike

NEW YORK (TheStreet) -- International Paper Co. (IP - Get Report) stock is rising by 0.85% to $42.39 in after-hours trading on Tuesday, after the company's board approved plans to increase the regularly quarterly dividend by 10% to 44 cents from 40 cents per share for the last quarter of 2015.

The company also declared a regular quarterly dividend of $1 per share for the same quarter.

"This latest dividend increase reflects our confidence in the sustainability of our free cash flow generation and the future performance of our company," CEO Mark Sutton said in a statement. "International Paper is focused on increasing shareholder value through a balanced allocation of capital, including returning a significant portion of our cash generation to our shareholders."

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Both dividends are payable on December 15.

Memphis, TN- based International Paper manufacturers packaging and paper materials.

Separately, TheStreet Ratings team rates...