Firetrail Investments PTY Ltd. Invests $12.02 Million in Icon Plc $ICLR

Firetrail Investments PTY Ltd. purchased a new position in Icon Plc (NASDAQ:ICLR) during the second quarter, Holdings Channel reports. The firm purchased 69,624 shares of the medical research company’s stock, valued at approximately $12,021,000. Icon accounts for 3.4% of Firetrail Investments PTY Ltd.’s portfolio, making the stock its 10th largest position.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Wellington Management Group LLP lifted its position in Icon by 26.6% during the third quarter. Wellington Management Group LLP now owns 4,637,137 shares of the medical research company’s stock worth $811,499,000 after purchasing an additional 975,268 shares during the period. Orbis Allan Gray Ltd increased its holdings in Icon by 1.8% in the 4th quarter. Orbis Allan Gray Ltd now owns 4,214,661 shares of the medical research company’s stock valued at $767,996,000 after buying an additional 75,843 shares during the period. Invesco Ltd. increased its holdings in Icon by 9.6% in the 4th quarter. Invesco Ltd. now owns 3,756,896 shares of the medical research company’s stock valued at $684,582,000 after buying an additional 329,266 shares during the period. Principal Financial Group Inc. raised its position in shares of Icon by 10.3% in the 1st quarter. Principal Financial Group Inc. now owns 3,311,771 shares of the medical research company’s stock valued at $366,481,000 after buying an additional 310,236 shares in the last quarter. Finally, Franklin Resources Inc. raised its position in shares of Icon by 8.7% in the 4th quarter. Franklin Resources Inc. now owns 2,993,336 shares of the medical research company’s stock valued at $545,410,000 after buying an additional 239,808 shares in the last quarter. Institutional investors and hedge funds own 95.61% of the company’s stock.

Icon Stock Performance

ICLR opened at $163.15 on Monday. The company’s 50 day moving average is $162.50 and its 200-day moving average is $133.87. Icon Plc has a 1-year low of $66.57 and a 1-year high of $203.91. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.23. The company has a market cap of $12.49 billion, a P/E ratio of 38.30, a PEG ratio of 6.76 and a beta of 1.21.

Icon (NASDAQ:ICLR) last issued its quarterly earnings data on Thursday, July 30th. The medical research company reported $2.56 EPS for the quarter, beating the consensus estimate of $2.55 by $0.01. The business had revenue of $2.06 billion during the quarter, compared to the consensus estimate of $2 billion. Icon had a net margin of 3.99% and a return on equity of 8.02%. The firm’s revenue was up 2.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.26 EPS. Equities research analysts predict that Icon Plc will post 9.57 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently issued reports on ICLR. Barclays increased their price target on shares of Icon from $160.00 to $175.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 25th. TD Cowen boosted their price objective on shares of Icon from $164.00 to $197.00 and gave the company a “buy” rating in a research report on Thursday, June 25th. DA Davidson set a $164.00 target price on Icon in a research note on Monday, June 1st. Mizuho raised their target price on Icon from $180.00 to $190.00 and gave the company an “outperform” rating in a report on Friday, June 26th. Finally, Royal Bank Of Canada raised Icon from a “sector perform” rating to an “outperform” rating and raised their target price for the company from $126.00 to $185.00 in a report on Thursday, June 25th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, Icon currently has an average rating of “Hold” and an average target price of $170.40.

Insider Activity at Icon

In related news, Director Ronan Martin Murphy sold 841 shares of the firm’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $164.29, for a total transaction of $138,167.89. Following the sale, the director owned 3,847 shares of the company’s stock, valued at $632,023.63. This trade represents a 17.94% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Anne Clem Whitaker sold 841 shares of the business’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $164.29, for a total value of $138,167.89. Following the sale, the director owned 891 shares in the company, valued at $146,382.39. This represents a 48.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 9,531 shares of company stock valued at $1,565,764. 44.00% of the stock is owned by company insiders.

Icon Company Profile

Icon plc (NASDAQ: ICLR) is a global provider of outsourced drug development and clinical research services to the pharmaceutical, biotechnology and medical device industries. The company partners with clients at all stages of the product life cycle, offering expertise in protocol design, trial execution and regulatory compliance across a broad range of therapeutic areas.

Icon’s service portfolio encompasses clinical trial management, data management and biostatistics, medical imaging, pharmacovigilance and safety monitoring, laboratory sciences and specialized analytical solutions.