ICOC Ico (MM)

CUSIP NO. 449293109 SCHEDULE 13G PAGE 2 OF 6 PAGES


--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
 SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

 Ironwood Investment Management, LLC
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (A) |_|
 (B) |X|
--------------------------------------------------------------------------------
3 SEC USE ONLY

--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION

 Massachusetts
--------------------------------------------------------------------------------
 5 SOLE VOTING POWER

 653,367
 NUMBER OF SHARES -----------------------------------------------------
BENEFICIALLY OWNED BY 6 SHARED VOTING POWER
EACH REPORTING PERSON
 WITH 0
 -----------------------------------------------------
 7 SOLE DISPOSITIVE POWER

 653,367
 -----------------------------------------------------
 8 SHARED DISPOSITIVE POWER

 0
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 653,367
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES |_|

--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 2.36%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON

 IA
--------------------------------------------------------------------------------

CUSIP NO. 449293109 SCHEDULE 13G PAGE 3 OF 6 PAGES


Item 1. (a). Name of Issuer: ICO, Inc.

 (b). Address of Issuer's Principal Executive Offices:

 1811 Bering Drive, Suite 200
 Houston, Texas 77057

Item 2. (a). Name of Person Filing:

 Ironwood Investment Management, LLC

 (b). Address of Principal Business Office or, if none, Residence:

 Ironwood Investment Management, LLC
 21 Custom House Street, Suite 240
 Boston, MA 02110

 (c). Citizenship or Place of Organization: Massachusetts

 (d). Title of Class of Securities: Common Stock

 (e). CUSIP Number: 449293109

CUSIP NO. 449293109 SCHEDULE 13G PAGE 4 OF 6 PAGES


Item 3. If this statement is filed pursuant to sections 240.13d-1(b) or
 240.13d-2(b) or (c), check whether the person filing is a:

 (a) [ ] Broker or dealer registered under section 15
 of the Act (15 U.S.C. 78o);
 (b) [ ] Bank as defined in section 3(a)(6) of the Act
 (15 U.S.C. 78c);
 (c) [ ] Insurance company as defined in section
 3(a)(19) of the Act (15 U.S.C. 78c.);
 (d) [ ] Investment company registered under section 8
 of the Investment Company Act of 1940 (15 U.S.C.
 80a-8);
 (e) [x] An investment adviser in accordance with
 section 240.13d-1(b)(1)(ii)(E);
 (f) [ ] An employee benefit plan or endowment fund in
 accordance with section 240.13d-1(b)(1)(ii) (F);
 (g) [ ] A parent holding company or control person in
 accordance with section 240.13d-1(b)(1)(ii)(G);
 (h) [ ] A savings associations as defined in section
 3(b) of the Federal Deposit Insurance Act (12
 U.S.C. 1813);
 (i) [ ] A church plan that is excluded from the
 definition of an investment company under section
 3(c)(14) of the Investment Company Act of 1940
 (15 U.S.C. 80a-3);
 (j) [ ] Group, in accordance with section
 240.13d-1(b)(1) (ii)(J).

Item 4. Ownership.

 Provide the following information regarding the aggregate number and
 percentage of the class of securities of the issuer identified in
 Item 1.

 (a). Amount beneficially owned: 653,367

 (b). Percent of class: 2.36%

 (c). Number of shares as to which the person has:

 (1) Sole power to vote or to direct the vote: 653,367

 (2) Shared power to vote or to direct the vote: 0

 (3) Sole power to dispose or to direct the disposition of: 653,367

 (4) Shared power to dispose or to direct the disposition of: 0

CUSIP NO. 449293109 SCHEDULE 13G PAGE 5 OF 6 PAGES

Item 5. Ownership of Five Percent or Less of a Class:

 Yes

Item 6. Ownership of More Than Five Percent on Behalf of Another Person:

 Not Applicable

Item 7. Identification and Classification of Subsidiaries which Acquired
 the Security Being Reported on by the Parent Holding Company:

 Not Applicable

Item 8. Identification and Classification of Members of the Group:

 Not Applicable

Item 9. Notice of Dissolution of Group:

 Not Applicable

Item 10. Certification:

 By signing below I certify that, to the best of my knowledge and belief,
 the securities referred to above were acquired and are held in the
 ordinary course of business and were not acquired and are not held for
 the purpose of or with the effect of changing or influencing the control
 of the issuer of the securities and were not acquired and are not held
 in connection with or as a participant in any transaction having that
 purpose or effect.

CUSIP NO. 449293109 SCHEDULE 13G PAGE 6 OF 6 PAGES


 SIGNATURE

 After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.

 IRONWOOD INVESTMENT MANAGEMENT, LLC

Date: February 4, 2010 By: /s/ CHARLES J. DALY
 ----------------------------------------
 Charles J. Daly, Chief Compliance Officer