ARGUS INVESTORS' COUNSEL, INC.

NEW YORK, NY · CIK 7195 · 13F filing filed 2025-01-27

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

$149.8m reported value -2.3% vs Q3 2024

117positions

29.0%in top 10

8 new 28 added 75 reduced 2 sold out vs Q3 2024

Holdings, Q4 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	APPLE INC COM AAPL	AAPL	23,677	$5.9m3.96%	3.96%	Reduced -841	-841 -3.4%
2	COSTCO WHSL CORP NEW COM COST	COST	6,007	$5.5m3.68%	3.68%	Reduced -259	-259 -4.1%
3	NVIDIA CORPORATION COM NVDA	NVDA	36,731	$4.9m3.29%	3.29%	Reduced -2.0k	-1,964 -5.1%
4	JPMORGAN CHASE & CO COM JPM	JPM	18,667	$4.5m2.99%	2.99%	Reduced -1.2k	-1,199 -6.0%
5	ELI LILLY & CO COM LLY	LLY	5,248	$4.1m2.71%	2.71%	Reduced -26	-26 -0.5%
6	ALPHABET INC CAP STK CL A GOOGL	GOOGL	21,015	$4.0m2.66%	2.66%	Reduced -1.2k	-1,244 -5.6%
7	AMAZON COM INC COM AMZN	AMZN	18,110	$4.0m2.65%	2.65%	Reduced -910	-910 -4.8%
8	META PLATFORMS INC CL A META	META	6,423	$3.8m2.51%	2.51%	Reduced -51	-51 -0.8%
9	TRANE TECHNOLOGIES PLC SHS TT	TT	9,581	$3.5m2.36%	2.36%	Reduced -188	-188 -1.9%
10	VISA INC COM CL A V	V	10,429	$3.3m2.20%	2.20%	Reduced -630	-630 -5.7%
11	BLACKROCK INC COM BLK	BLK	3,096	$3.2m2.12%	2.12%	Reduced -185	-185 -5.6%
12	MICROSOFT CORP COM MSFT	MSFT	6,808	$2.9m1.92%	1.92%	Reduced -488	-488 -6.7%
13	ANALOG DEVICES INC COM ADI	ADI	12,683	$2.7m1.80%	1.80%	Reduced -259	-259 -2.0%
14	S&P GLOBAL INC COM SPGI	SPGI	5,353	$2.7m1.78%	1.78%	Reduced -113	-113 -2.1%
15	AXON ENTERPRISE INC COM AXON	AXON	4,484	$2.7m1.78%	1.78%	Reduced -59	-59 -1.3%
16	OLD DOMINION FREIGHT LINE IN COM ODFL	ODFL	14,892	$2.6m1.75%	1.75%	Reduced -339	-339 -2.2%
17	QUANTA SVCS INC COM PWR	PWR	8,187	$2.6m1.73%	1.73%	Reduced -10	-10 -0.1%
18	ORACLE CORP COM ORCL	ORCL	14,633	$2.4m1.63%	1.63%	Reduced -253	-253 -1.7%
19	BOSTON SCIENTIFIC CORP COM BSX	BSX	26,352	$2.4m1.57%	1.57%	Reduced -443	-443 -1.6%
20	UNITED RENTALS INC COM URI	URI	3,254	$2.3m1.53%	1.53%	Reduced -35	-35 -1.1%
21	BROADCOM INC COM AVGO	AVGO	9,775	$2.3m1.51%	1.51%	Reduced -886	-886 -8.3%
22	SCHWAB CHARLES CORP COM SCHW	SCHW	29,275	$2.2m1.45%	1.45%	Reduced -508	-508 -1.7%
23	WELLS FARGO CO NEW COM WFC	WFC	30,830	$2.2m1.45%	1.45%	Reduced -684	-684 -2.2%
24	INTUITIVE SURGICAL INC COM NEW ISRG	ISRG	4,113	$2.1m1.43%	1.43%	Reduced -38	-38 -0.9%
25	ADOBE INC COM ADBE	ADBE	4,735	$2.1m1.41%	1.41%	Reduced -25	-25 -0.5%
26	AMERICAN EXPRESS CO COM AXP	AXP	6,722	$2.0m1.33%	1.33%	Reduced -434	-434 -6.1%
27	STRYKER CORPORATION COM SYK	SYK	5,272	$1.9m1.27%	1.27%	Reduced -469	-469 -8.2%
28	MCKESSON CORP COM MCK	MCK	3,103	$1.8m1.18%	1.18%	Reduced -1.5k	-1,467 -32.1%
29	HOME DEPOT INC COM HD	HD	4,454	$1.7m1.16%	1.16%	Reduced -466	-466 -9.5%
30	SALESFORCE INC COM CRM	CRM	4,712	$1.6m1.05%	1.05%	Reduced -52	-52 -1.1%
31	THERMO FISHER SCIENTIFIC INC COM TMO	TMO	2,995	$1.6m1.04%	1.04%	Reduced -38	-38 -1.2%
32	EXXON MOBIL CORP COM XOM	XOM	14,200	$1.5m1.02%	1.02%	Reduced -1.2k	-1,217 -7.9%
33	APPLIED MATLS INC COM AMAT	AMAT	9,036	$1.5m0.98%	0.98%	Reduced -124	-124 -1.4%
34	NETFLIX INC COM NFLX	NFLX	1,584	$1.4m0.94%	0.94%	Reduced -335	-335 -17.5%
35	MICROCHIP TECHNOLOGY INC. COM MCHP	MCHP	24,170	$1.4m0.93%	0.93%	Reduced -672	-672 -2.7%
36	REGENERON PHARMACEUTICALS COM REGN	REGN	1,820	$1.3m0.87%	0.87%	Reduced -21	-21 -1.1%
37	WALMART INC COM WMT	WMT	14,064	$1.3m0.85%	0.85%	Reduced -2.2k	-2,200 -13.5%
38	ISHARES TR RUS 1000 GRW ETF IWF	IWF	3,127	$1.3m0.84%	0.84%	Added +81	+81 2.7%
39	PROCTER AND GAMBLE CO COM PG	PG	6,830	$1.1m0.76%	0.76%	Reduced -609	-609 -8.2%
40	MARRIOTT INTL INC NEW CL A MAR	MAR	4,039	$1.1m0.75%	0.75%	Reduced -475	-475 -10.5%
41	CHEVRON CORP NEW COM CVX	CVX	7,731	$1.1m0.75%	0.75%	Reduced -120	-120 -1.5%
42	MASTERCARD INCORPORATED CL A MA	MA	2,108	$1.1m0.74%	0.74%	Reduced -20	-20 -0.9%
43	AUTOMATIC DATA PROCESSING IN COM ADP	ADP	3,627	$1.1m0.71%	0.71%	Reduced -77	-77 -2.1%
44	US BANCORP DEL COM NEW USB	USB	20,833	$996.4k0.67%	0.67%	Reduced -2.5k	-2,500 -10.7%
45	CORNING INC COM GLW	GLW	20,935	$994.8k0.66%	0.66%	Reduced -4.0k	-4,000 -16.0%
46	JOHNSON & JOHNSON COM JNJ	JNJ	6,746	$975.6k0.65%	0.65%	Reduced -55	-55 -0.8%
47	UNION PAC CORP COM UNP	UNP	4,256	$970.5k0.65%	0.65%	Reduced -496	-496 -10.4%
48	AMGEN INC COM AMGN	AMGN	3,674	$957.6k0.64%	0.64%	Reduced -152	-152 -4.0%
49	VERIZON COMMUNICATIONS INC COM VZ	VZ	23,942	$957.4k0.64%	0.64%	Reduced -2.9k	-2,850 -10.6%
50	TJX COS INC NEW COM TJX	TJX	7,915	$956.2k0.64%	0.64%	Reduced -1.2k	-1,200 -13.2%
51	TARGA RES CORP COM TRGP	TRGP	5,216	$931.1k0.62%	0.62%	Reduced -182	-182 -3.4%
52	DISNEY WALT CO COM DIS	DIS	8,335	$928.1k0.62%	0.62%	Unchanged
53	CATERPILLAR INC COM CAT	CAT	2,545	$923.2k0.62%	0.62%	Reduced -600	-600 -19.1%
54	ABBOTT LABS COM ABT	ABT	7,956	$899.9k0.60%	0.60%	Reduced -200	-200 -2.5%
55	INTERNATIONAL PAPER CO COM IP	IP	16,590	$892.9k0.60%	0.60%	Reduced -4.5k	-4,500 -21.3%
56	MORGAN STANLEY COM NEW MS	MS	7,100	$892.6k0.60%	0.60%	Reduced -2.3k	-2,300 -24.5%
57	MCDONALDS CORP COM MCD	MCD	3,068	$889.4k0.59%	0.59%	Unchanged
58	EMERSON ELEC CO COM EMR	EMR	7,110	$881.1k0.59%	0.59%	Reduced -1.3k	-1,300 -15.5%
59	TEXAS INSTRS INC COM TXN	TXN	4,684	$878.3k0.59%	0.59%	Reduced -270	-270 -5.5%
60	ILLINOIS TOOL WKS INC COM ITW	ITW	3,457	$876.6k0.59%	0.59%	Added +30	+30 0.9%
61	CISCO SYS INC COM CSCO	CSCO	14,585	$863.4k0.58%	0.58%	Reduced -2.5k	-2,500 -14.6%
62	GENERAL DYNAMICS CORP COM GD	GD	3,251	$856.6k0.57%	0.57%	Unchanged
63	NEXTERA ENERGY INC COM NEE	NEE	11,945	$856.3k0.57%	0.57%	Reduced -1.7k	-1,718 -12.6%
64	AIR PRODS & CHEMS INC COM APD	APD	2,900	$841.1k0.56%	0.56%	Reduced -475	-475 -14.1%
65	AMERICAN TOWER CORP NEW COM AMT	AMT	4,475	$820.8k0.55%	0.55%	Added +50	+50 1.1%
66	PEPSICO INC COM PEP	PEP	5,244	$797.4k0.53%	0.53%	Reduced -865	-865 -14.2%
67	ZOETIS INC CL A ZTS	ZTS	4,838	$788.3k0.53%	0.53%	Added +50	+50 1.0%
68	BECTON DICKINSON & CO COM BDX	BDX	3,310	$750.9k0.50%	0.50%	Reduced -150	-150 -4.3%
69	UNITEDHEALTH GROUP INC COM UNH	UNH	1,408	$712.4k0.48%	0.48%	Reduced -56	-56 -3.8%
70	NUCOR CORP COM NUE	NUE	5,306	$619.3k0.41%	0.41%	Added +50	+50 0.9%
71	CINTAS CORP COM CTAS	CTAS	3,377	$617.0k0.41%	0.41%	Reduced -159	-159 -4.5%
72	ISHARES TR 3 7 YR TREAS BD IEI	IEI	5,267	$608.6k0.41%	0.41%	Added +235	+235 4.7%
73	BONDBLOXX ETF TRUST BLOOMBERG SIX MN XHLF	XHLF	12,041	$604.2k0.40%	0.40%	Added +917	+917 8.2%
74	BANK NEW YORK MELLON CORP COM BNY	BNY	7,602	$584.1k0.39%	0.39%	New
75	VANGUARD BD INDEX FDS SHORT TRM BOND BSV	BSV	7,478	$577.8k0.39%	0.39%	Added +465	+465 6.6%
76	NASDAQ INC COM NDAQ	NDAQ	7,299	$564.3k0.38%	0.38%	Reduced -437	-437 -5.7%
77	JACOBS SOLUTIONS INC COM J	J	4,217	$563.5k0.38%	0.38%	Reduced -50	-50 -1.2%
78	INTUIT COM INTU	INTU	896	$562.9k0.38%	0.38%	Reduced -43	-43 -4.6%
79	ISHARES TR FLTG RATE NT ETF FLOT	FLOT	10,677	$543.2k0.36%	0.36%	Added +1.1k	+1,070 11.1%
80	VANGUARD SCOTTSDALE FDS INT-TERM CORP VCIT	VCIT	6,747	$541.6k0.36%	0.36%	Added +440	+440 7.0%
81	DELL TECHNOLOGIES INC CL C DELL	DELL	4,698	$541.4k0.36%	0.36%	Reduced -431	-431 -8.4%
82	BONDBLOXX ETF TRUST BLOOMBERG ONE YR XONE	XONE	10,866	$538.3k0.36%	0.36%	Added +787	+787 7.8%
83	PARKER-HANNIFIN CORP COM PH	PH	801	$509.5k0.34%	0.34%	Reduced -34	-34 -4.1%
84	KLA CORP COM NEW KLAC	KLAC	788	$496.5k0.33%	0.33%	Added +38	+38 5.1%
85	INVESCO EXCH TRADED FD TR II PFD ETF PGX	PGX	42,089	$485.3k0.32%	0.32%	Added +4.4k	+4,400 11.7%
86	RAYMOND JAMES FINL INC COM RJF	RJF	3,109	$482.9k0.32%	0.32%	Reduced -142	-142 -4.4%
87	CHIPOTLE MEXICAN GRILL INC COM CMG	CMG	7,958	$479.9k0.32%	0.32%	Added +453	+453 6.0%
88	DUKE ENERGY CORP NEW COM NEW DUK	DUK	4,338	$467.4k0.31%	0.31%	Unchanged
89	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	2,344	$462.9k0.31%	0.31%	Added +223	+223 10.5%
90	AMERICAN INTL GROUP INC COM NEW AIG	AIG	6,321	$460.2k0.31%	0.31%	Reduced -450	-450 -6.7%
91	ISHARES TR RUSSELL 2000 ETF IWM	IWM	2,049	$452.7k0.30%	0.30%	Added +335	+335 19.5%
92	BADGER METER INC COM BMI	BMI	2,109	$447.4k0.30%	0.30%	Reduced -64	-64 -3.0%
93	SCHWAB STRATEGIC TR US DIVIDEND EQ SCHD	SCHD	16,284	$444.9k0.30%	0.30%	Added +2.0k	+1,980 13.8%
94	INTERNATIONAL BUSINESS MACHS COM IBM	IBM	2,016	$443.2k0.30%	0.30%	Added +109	+109 5.7%
95	HCA HEALTHCARE INC COM HCA	HCA	1,451	$435.5k0.29%	0.29%	Reduced -68	-68 -4.5%
96	INVESCO EXCHANGE TRADED FD T S&P500 QUALITY SPHQ	SPHQ	6,467	$433.5k0.29%	0.29%	New
97	ISHARES TR MSCI EAFE ETF EFA	EFA	5,669	$428.6k0.29%	0.29%	Added +2.0k	+2,037 56.1%
98	WASTE MGMT INC DEL COM WM	WM	2,044	$412.4k0.28%	0.28%	Added +4	+4 0.2%
99	D R HORTON INC COM DHI	DHI	2,867	$400.9k0.27%	0.27%	Reduced -134	-134 -4.5%
100	ARISTA NETWORKS INC COM SHS ANET	ANET	3,425	$378.6k0.25%	0.25%	New

Sold out since Q3 2024

Security	Ticker	Shares held before	Value then
PFIZER INC PFE	PFE	27,940	$808.6k27.9k shares
ARISTA NETWORKS INC		4,384	$420.7k4.4k shares