ARGUS INVESTORS' COUNSEL, INC.

NEW YORK, NY · CIK 7195 · 13F filing filed 2024-04-25

SEC-registered investment adviser since 1960 · corporation

Assets managed$137.3m
Staff8 · 6 in investment roles
Main clients (by assets)Individuals 68%, High net worth individuals 18%, Pension plans 11%
Websiteargusresearch.com
Form ADV · 2026-01-26SEC adviser record

$162.9m reported value +4.6% vs Q4 2023

108positions

27.7%in top 10

16 new 20 added 66 reduced 6 sold out vs Q4 2023

Holdings, Q1 2024

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	NVIDIA CORPORATION COM NVDA	NVDA	7,383	$6.7m4.10%	4.10%	Reduced -4.9k	-4,923 -40.0%
2	ELI LILLY & CO COM LLY	LLY	7,581	$5.9m3.62%	3.62%	Added +740	+740 10.8%
3	COSTCO WHSL CORP NEW COM COST	COST	7,357	$5.4m3.31%	3.31%	Reduced -347	-347 -4.5%
4	APPLE INC COM AAPL	AAPL	27,432	$4.7m2.89%	2.89%	Added +140	+140 0.5%
5	JPMORGAN CHASE & CO COM JPM	JPM	21,657	$4.3m2.66%	2.66%	Reduced -3.0k	-3,006 -12.2%
6	ALPHABET INC CAP STK CL A GOOGL	GOOGL	27,211	$4.1m2.52%	2.52%	Reduced -1.4k	-1,433 -5.0%
7	MICROSOFT CORP COM MSFT	MSFT	8,930	$3.8m2.31%	2.31%	Reduced -304	-304 -3.3%
8	BLACKROCK INC COM BLK	BLK	4,256	$3.5m2.18%	2.18%	Reduced -232	-232 -5.2%
9	OLD DOMINION FREIGHT LINE IN COM ODFL	ODFL	15,798	$3.5m2.13%	2.13%	Reduced -184	-184 -1.1%
10	AMAZON COM INC COM AMZN	AMZN	18,298	$3.3m2.03%	2.03%	Reduced -1.3k	-1,332 -6.8%
11	VISA INC COM CL A V	V	11,472	$3.2m1.97%	1.97%	Reduced -1.1k	-1,064 -8.5%
12	META PLATFORMS INC CL A META	META	5,933	$2.9m1.77%	1.77%	Added +226	+226 4.0%
13	TRANE TECHNOLOGIES PLC SHS TT	TT	9,546	$2.9m1.76%	1.76%	Added +7.5k	+7,460 357.6%
14	MCDONALDS CORP COM MCD	MCD	9,916	$2.8m1.72%	1.72%	Reduced -937	-937 -8.6%
15	ADOBE INC COM ADBE	ADBE	5,530	$2.8m1.71%	1.71%	Added +146	+146 2.7%
16	STRYKER CORPORATION COM SYK	SYK	7,044	$2.5m1.55%	1.55%	Reduced -1.0k	-1,035 -12.8%
17	ANALOG DEVICES INC COM ADI	ADI	12,441	$2.5m1.51%	1.51%	Reduced -70	-70 -0.6%
18	HOME DEPOT INC COM HD	HD	6,186	$2.4m1.46%	1.46%	Reduced -543	-543 -8.1%
19	MCKESSON CORP COM MCK	MCK	4,295	$2.3m1.42%	1.42%	Added +2.4k	+2,370 123.1%
20	AMERICAN EXPRESS CO COM AXP	AXP	10,082	$2.3m1.41%	1.41%	Reduced -1.4k	-1,388 -12.1%
21	EXXON MOBIL CORP COM XOM	XOM	18,566	$2.2m1.32%	1.32%	Reduced -1.9k	-1,884 -9.2%
22	S&P GLOBAL INC COM SPGI	SPGI	5,009	$2.1m1.31%	1.31%	Reduced -17	-17 -0.3%
23	BROADCOM INC COM AVGO	AVGO	1,569	$2.1m1.28%	1.28%	Reduced -698	-698 -30.8%
24	UNITED RENTALS INC COM URI	URI	2,819	$2.0m1.25%	1.25%	Added +21	+21 0.8%
25	AUTOMATIC DATA PROCESSING IN COM ADP	ADP	8,008	$2.0m1.23%	1.23%	Reduced -855	-855 -9.7%
26	SCHWAB CHARLES CORP COM SCHW	SCHW	26,935	$1.9m1.20%	1.20%	Added +204	+204 0.8%
27	NETFLIX INC COM NFLX	NFLX	3,016	$1.8m1.12%	1.12%	Reduced -1.0k	-1,043 -25.7%
28	QUANTA SVCS INC COM PWR	PWR	6,997	$1.8m1.12%	1.12%	Reduced -24	-24 -0.3%
29	THERMO FISHER SCIENTIFIC INC COM TMO	TMO	3,004	$1.7m1.07%	1.07%	Reduced -3	-3 -0.1%
30	NUCOR CORP COM NUE	NUE	8,721	$1.7m1.06%	1.06%	Reduced -1.1k	-1,150 -11.7%
31	APPLIED MATLS INC COM AMAT	AMAT	8,238	$1.7m1.04%	1.04%	Reduced -30	-30 -0.4%
32	MARRIOTT INTL INC NEW CL A MAR	MAR	6,587	$1.7m1.02%	1.02%	Reduced -1.1k	-1,150 -14.9%
33	TJX COS INC NEW COM TJX	TJX	16,340	$1.7m1.02%	1.02%	Reduced -2.9k	-2,925 -15.2%
34	AUTODESK INC COM ADSK	ADSK	6,209	$1.6m0.99%	0.99%	Reduced -25	-25 -0.4%
35	AMGEN INC COM AMGN	AMGN	5,638	$1.6m0.98%	0.98%	Reduced -648	-648 -10.3%
36	CATERPILLAR INC COM CAT	CAT	4,355	$1.6m0.98%	0.98%	Reduced -2.2k	-2,245 -34.0%
37	EMERSON ELEC CO COM EMR	EMR	13,910	$1.6m0.97%	0.97%	Reduced -2.7k	-2,720 -16.4%
38	JOHNSON & JOHNSON COM JNJ	JNJ	9,964	$1.6m0.97%	0.97%	Added +572	+572 6.1%
39	WALMART INC COM WMT	WMT	26,099	$1.6m0.96%	0.96%	Reduced -3.7k	-3,736 -12.5%
40	VERIZON COMMUNICATIONS INC COM VZ	VZ	36,542	$1.5m0.94%	0.94%	Reduced -1.3k	-1,275 -3.4%
41	UNION PAC CORP COM UNP	UNP	6,209	$1.5m0.94%	0.94%	Reduced -5.8k	-5,807 -48.3%
42	PEPSICO INC COM PEP	PEP	8,636	$1.5m0.93%	0.93%	Reduced -75	-75 -0.9%
43	PROCTER AND GAMBLE CO COM PG	PG	9,244	$1.5m0.92%	0.92%	Reduced -699	-699 -7.0%
44	NEXTERA ENERGY INC COM NEE	NEE	23,386	$1.5m0.92%	0.92%	Reduced -5.8k	-5,847 -20.0%
45	ILLINOIS TOOL WKS INC COM ITW	ITW	5,526	$1.5m0.91%	0.91%	Reduced -1.1k	-1,050 -16.0%
46	DISNEY WALT CO COM DIS	DIS	12,060	$1.5m0.91%	0.91%	Reduced -2.7k	-2,700 -18.3%
47	GENERAL DYNAMICS CORP COM GD	GD	5,151	$1.5m0.89%	0.89%	Reduced -1.0k	-1,000 -16.3%
48	MORGAN STANLEY COM NEW MS	MS	15,280	$1.4m0.88%	0.88%	Reduced -2.9k	-2,920 -16.0%
49	US BANCORP DEL COM NEW USB	USB	32,108	$1.4m0.88%	0.88%	Reduced -4.8k	-4,800 -13.0%
50	AMERICAN TOWER CORP NEW COM AMT	AMT	7,230	$1.4m0.88%	0.88%	Reduced -565	-565 -7.2%
51	AIR PRODS & CHEMS INC COM APD	APD	5,885	$1.4m0.88%	0.88%	Added +440	+440 8.1%
52	REGENERON PHARMACEUTICALS COM REGN	REGN	1,465	$1.4m0.87%	0.87%	New
53	ZOETIS INC CL A ZTS	ZTS	8,299	$1.4m0.86%	0.86%	Reduced -1.5k	-1,465 -15.0%
54	TEXAS INSTRS INC COM TXN	TXN	7,979	$1.4m0.85%	0.85%	Reduced -730	-730 -8.4%
55	WELLS FARGO CO NEW COM WFC	WFC	23,286	$1.3m0.83%	0.83%	Reduced -92	-92 -0.4%
56	INTERNATIONAL PAPER CO COM IP	IP	34,290	$1.3m0.82%	0.82%	Reduced -6.1k	-6,100 -15.1%
57	PFIZER INC COM PFE	PFE	47,440	$1.3m0.81%	0.81%	Added +4.1k	+4,125 9.5%
58	CISCO SYS INC COM CSCO	CSCO	26,339	$1.3m0.81%	0.81%	Reduced -3.0k	-3,036 -10.3%
59	NORTHROP GRUMMAN CORP COM NOC	NOC	2,707	$1.3m0.80%	0.80%	Reduced -6	-6 -0.2%
60	ABBOTT LABS COM ABT	ABT	11,185	$1.3m0.78%	0.78%	Reduced -1.1k	-1,100 -8.9%
61	CHEVRON CORP NEW COM CVX	CVX	8,043	$1.3m0.78%	0.78%	Added +524	+524 7.0%
62	INTEL CORP COM INTC	INTC	28,010	$1.2m0.76%	0.76%	Reduced -3.3k	-3,300 -10.5%
63	CORNING INC COM GLW	GLW	35,035	$1.2m0.71%	0.71%	Reduced -6.8k	-6,776 -16.2%
64	BECTON DICKINSON & CO COM BDX	BDX	4,660	$1.2m0.71%	0.71%	Reduced -900	-900 -16.2%
65	SALESFORCE INC COM CRM	CRM	3,777	$1.1m0.70%	0.70%	Added +46	+46 1.2%
66	MICROCHIP TECHNOLOGY INC. COM MCHP	MCHP	12,348	$1.1m0.68%	0.68%	Reduced -4.8k	-4,787 -27.9%
67	ISHARES TR RUS 1000 GRW ETF IWF	IWF	3,092	$1.0m0.64%	0.64%	Reduced -5	-5 -0.2%
68	MASTERCARD INCORPORATED CL A MA	MA	2,096	$1.0m0.62%	0.62%	Added +251	+251 13.6%
69	BONDBLOXX ETF TRUST BLOOMBERG ONE YR XONE	XONE	19,219	$953.8k0.59%	0.59%	New
70	VANGUARD TAX-MANAGED FDS VAN FTSE DEV MKT VEA	VEA	18,590	$932.7k0.57%	0.57%	New
71	UNITEDHEALTH GROUP INC COM UNH	UNH	1,770	$875.8k0.54%	0.54%	Added +108	+108 6.5%
72	GALLAGHER ARTHUR J & CO COM AJG	AJG	3,049	$762.4k0.47%	0.47%	Added +66	+66 2.2%
73	INTUIT COM INTU	INTU	1,058	$687.5k0.42%	0.42%	Reduced -12	-12 -1.1%
74	CINTAS CORP COM CTAS	CTAS	994	$682.9k0.42%	0.42%	Reduced -12	-12 -1.2%
75	KLA CORP COM NEW KLAC	KLAC	969	$676.9k0.42%	0.42%	New
76	CONOCOPHILLIPS COM COP	COP	4,938	$628.5k0.39%	0.39%	New
77	FASTENAL CO COM FAST	FAST	7,585	$585.1k0.36%	0.36%	Reduced -86	-86 -1.1%
78	VANGUARD BD INDEX FDS SHORT TRM BOND BSV	BSV	7,443	$570.7k0.35%	0.35%	Reduced -2.4k	-2,438 -24.7%
79	HCA HEALTHCARE INC COM HCA	HCA	1,710	$570.3k0.35%	0.35%	Reduced -18	-18 -1.0%
80	NASDAQ INC COM NDAQ	NDAQ	8,924	$563.1k0.35%	0.35%	Reduced -105	-105 -1.2%
81	VANGUARD SCOTTSDALE FDS INT-TERM CORP VCIT	VCIT	6,701	$539.5k0.33%	0.33%	Unchanged
82	PARKER-HANNIFIN CORP COM PH	PH	956	$531.3k0.33%	0.33%	New
83	ISHARES TR CORE S&P500 ETF IVV	IVV	998	$524.7k0.32%	0.32%	Added +400	+400 66.9%
84	INVESCO EXCH TRADED FD TR II PFD ETF PGX	PGX	40,289	$478.6k0.29%	0.29%	Unchanged
85	RAYMOND JAMES FINL INC COM RJF	RJF	3,681	$472.7k0.29%	0.29%	Reduced -37	-37 -1.0%
86	ISHARES TR FLTG RATE NT ETF FLOT	FLOT	9,209	$470.2k0.29%	0.29%	Added +11	+11 0.1%
87	ROPER TECHNOLOGIES INC COM ROP	ROP	799	$448.1k0.28%	0.28%	Reduced -13	-13 -1.6%
88	BONDBLOXX ETF TRUST BLOOMBERG SIX MN XHLF	XHLF	8,852	$445.3k0.27%	0.27%	New
89	DUKE ENERGY CORP NEW COM NEW DUK	DUK	4,338	$419.5k0.26%	0.26%	Reduced -1.1k	-1,132 -20.7%
90	DARDEN RESTAURANTS INC COM DRI	DRI	2,368	$395.8k0.24%	0.24%	Reduced -16	-16 -0.7%
91	BADGER METER INC COM BMI	BMI	2,292	$370.9k0.23%	0.23%	Unchanged
92	ISHARES TR RUSSELL 2000 ETF IWM	IWM	1,726	$363.0k0.22%	0.22%	Reduced -184	-184 -9.6%
93	SCHWAB STRATEGIC TR US DIVIDEND EQ SCHD	SCHD	4,493	$362.3k0.22%	0.22%	Added +20	+20 0.5%
94	VANGUARD INDEX FDS SMALL CP ETF VB	VB	1,480	$338.3k0.21%	0.21%	New
95	CHIPOTLE MEXICAN GRILL INC COM CMG	CMG	111	$322.7k0.20%	0.20%	Added +10	+10 9.9%
96	ARISTA NETWORKS INC COM COM		1,030	$298.7k0.18%	0.18%	Unchanged
97	ISHARES INC CORE MSCI EMKT IEMG	IEMG	5,720	$295.2k0.18%	0.18%	New
98	ISHARES TR S&P MC 400GR ETF IJK	IJK	3,200	$292.0k0.18%	0.18%	New
99	SPDR SER TR BLOOMBERG 1-3 MO BIL	BIL	3,120	$286.4k0.18%	0.18%	New
100	ISHARES TR MSCI EAFE ETF EFA	EFA	3,522	$281.3k0.17%	0.17%	Reduced -126	-126 -3.5%

Sold out since Q4 2023

Security	Ticker	Shares held before	Value then
ARCHER DANIELS MIDLAND CO ADM	ADM	20,315	$1.5m20.3k shares
PAYPAL HLDGS INC PYPL	PYPL	19,150	$1.2m19.1k shares
HOLOGIC INC HOLX	HOLX	11,935	$852.7k11.9k shares
DANAHER CORPORATION DHR	DHR	2,925	$676.7k2.9k shares
LOCKHEED MARTIN CORP LMT	LMT	1,352	$612.6k1.4k shares
ISHARES TR STIP	STIP	3,391	$334.3k3.4k shares