NEW YORK (TheStreet) -- Shares of Steve Madden (SHOO) are higher by 2.32% to $33.07 in pre-market trading on Friday after the company announced it has completed the acquisition of the privately held Dolce Vita for $60.3 million.
Both Steve Madden and Dolce Vita design, market, and sell name-brand and private-label footwear.
The company expects the purchase to be two cents to three cents dilutive to earnings per share for fiscal 2014 and modestly accretive in fiscal 2015.EXCLUSIVE OFFER: See inside Jim Cramer's multi-million dollar charitable trust portfolio to see the stocks he and Stephanie Link think could be potentially HUGE winners. Click here to see the holdings for FREE
Additionally, analysts at Sterne Agee raised their rating on Steve Madden to “buy” from “neutral” as a result of the Dolce Vita purchase.
Separately, TheStreet Ratings team rates MADDEN STEVEN LTD as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate MADDEN STEVEN LTD (SHOO) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels, good cash flow from operations, growth in earnings per share, notable return on equity and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income."
Highlights from the analysis by TheStreet Ratings Team goes as follows: