ARGUS INVESTORS' COUNSEL, INC.

NEW YORK, NY · CIK 7195 · 13F filing filed 2025-04-16

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

$131.3m reported value -12.4% vs Q4 2024

114positions

29.4%in top 10

3 new 28 added 81 reduced 6 sold out vs Q4 2024

Holdings, Q1 2025

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	COSTCO WHSL CORP NEW COM COST	COST	5,844	$5.5m4.21%	4.21%	Reduced -163	-163 -2.7%
2	APPLE INC COM AAPL	AAPL	22,195	$4.9m3.76%	3.76%	Reduced -1.5k	-1,482 -6.3%
3	JPMORGAN CHASE & CO COM JPM	JPM	17,625	$4.3m3.29%	3.29%	Reduced -1.0k	-1,042 -5.6%
4	ELI LILLY & CO COM LLY	LLY	4,824	$4.0m3.04%	3.04%	Reduced -424	-424 -8.1%
5	META PLATFORMS INC CL A META	META	6,399	$3.7m2.81%	2.81%	Reduced -24	-24 -0.4%
6	VISA INC COM CL A V	V	9,677	$3.4m2.58%	2.58%	Reduced -752	-752 -7.2%
7	NVIDIA CORPORATION COM NVDA	NVDA	30,989	$3.4m2.56%	2.56%	Reduced -5.7k	-5,742 -15.6%
8	TRANE TECHNOLOGIES PLC SHS TT	TT	9,472	$3.2m2.43%	2.43%	Reduced -109	-109 -1.1%
9	AMAZON COM INC COM AMZN	AMZN	16,705	$3.2m2.42%	2.42%	Reduced -1.4k	-1,405 -7.8%
10	ALPHABET INC CAP STK CL A GOOGL	GOOGL	19,599	$3.0m2.31%	2.31%	Reduced -1.4k	-1,416 -6.7%
11	BLACKROCK INC COM BLK	BLK	2,916	$2.8m2.10%	2.10%	Reduced -180	-180 -5.8%
12	S&P GLOBAL INC COM SPGI	SPGI	5,356	$2.7m2.07%	2.07%	Added +3	+3 0.1%
13	TARGA RES CORP COM TRGP	TRGP	13,324	$2.7m2.03%	2.03%	Added +8.1k	+8,108 155.4%
14	BOSTON SCIENTIFIC CORP COM BSX	BSX	26,448	$2.7m2.03%	2.03%	Added +96	+96 0.4%
15	ANALOG DEVICES INC COM ADI	ADI	12,644	$2.5m1.94%	1.94%	Reduced -39	-39 -0.3%
16	MICROSOFT CORP COM MSFT	MSFT	6,133	$2.3m1.75%	1.75%	Reduced -675	-675 -9.9%
17	SCHWAB CHARLES CORP COM SCHW	SCHW	29,349	$2.3m1.75%	1.75%	Added +74	+74 0.2%
18	UNITEDHEALTH GROUP INC COM UNH	UNH	4,382	$2.3m1.75%	1.75%	Added +3.0k	+2,974 211.2%
19	AXON ENTERPRISE INC COM AXON	AXON	4,326	$2.3m1.73%	1.73%	Reduced -158	-158 -3.5%
20	ORACLE CORP COM ORCL	ORCL	16,208	$2.3m1.73%	1.73%	Added +1.6k	+1,575 10.8%
21	WELLS FARGO CO NEW COM WFC	WFC	30,870	$2.2m1.69%	1.69%	Added +40	+40 0.1%
22	QUANTA SVCS INC COM PWR	PWR	8,240	$2.1m1.60%	1.60%	Added +53	+53 0.7%
23	UNITED RENTALS INC COM URI	URI	3,298	$2.1m1.57%	1.57%	Added +44	+44 1.4%
24	INTUITIVE SURGICAL INC COM NEW ISRG	ISRG	4,147	$2.1m1.56%	1.56%	Added +34	+34 0.8%
25	ADOBE INC COM ADBE	ADBE	4,350	$1.7m1.27%	1.27%	Reduced -385	-385 -8.1%
26	STRYKER CORPORATION COM SYK	SYK	4,390	$1.6m1.25%	1.25%	Reduced -882	-882 -16.7%
27	AMERICAN EXPRESS CO COM AXP	AXP	5,604	$1.5m1.15%	1.15%	Reduced -1.1k	-1,118 -16.6%
28	THERMO FISHER SCIENTIFIC INC COM TMO	TMO	3,006	$1.5m1.14%	1.14%	Added +11	+11 0.4%
29	EXXON MOBIL CORP COM XOM	XOM	12,266	$1.5m1.11%	1.11%	Reduced -1.9k	-1,934 -13.6%
30	SERVICENOW INC COM NOW	NOW	1,724	$1.4m1.05%	1.05%	Added +1.5k	+1,534 807.4%
31	HOME DEPOT INC COM HD	HD	3,706	$1.4m1.03%	1.03%	Reduced -748	-748 -16.8%
32	BROADCOM INC COM AVGO	AVGO	7,960	$1.3m1.02%	1.02%	Reduced -1.8k	-1,815 -18.6%
33	APPLIED MATLS INC COM AMAT	AMAT	9,089	$1.3m1.00%	1.00%	Added +53	+53 0.6%
34	SALESFORCE INC COM CRM	CRM	4,783	$1.3m0.98%	0.98%	Added +71	+71 1.5%
35	ROYAL CARIBBEAN GROUP COM RCL	RCL	5,826	$1.2m0.91%	0.91%	Added +4.5k	+4,476 331.6%
36	NETFLIX INC COM NFLX	NFLX	1,249	$1.2m0.89%	0.89%	Reduced -335	-335 -21.1%
37	MASTERCARD INCORPORATED CL A MA	MA	2,078	$1.1m0.87%	0.87%	Reduced -30	-30 -1.4%
38	PAYPAL HLDGS INC COM PYPL	PYPL	16,978	$1.1m0.84%	0.84%	New
39	ISHARES TR RUS 1000 GRW ETF IWF	IWF	2,860	$1.0m0.79%	0.79%	Reduced -267	-267 -8.5%
40	WALMART INC COM WMT	WMT	11,064	$971.3k0.74%	0.74%	Reduced -3.0k	-3,000 -21.3%
41	PROCTER AND GAMBLE CO COM PG	PG	5,238	$892.7k0.68%	0.68%	Reduced -1.6k	-1,592 -23.3%
42	ABBOTT LABS COM ABT	ABT	6,541	$867.7k0.66%	0.66%	Reduced -1.4k	-1,415 -17.8%
43	AMGEN INC COM AMGN	AMGN	2,769	$862.7k0.66%	0.66%	Reduced -905	-905 -24.6%
44	JOHNSON & JOHNSON COM JNJ	JNJ	5,032	$834.5k0.64%	0.64%	Reduced -1.7k	-1,714 -25.4%
45	AUTOMATIC DATA PROCESSING IN COM ADP	ADP	2,727	$833.2k0.63%	0.63%	Reduced -900	-900 -24.8%
46	VERIZON COMMUNICATIONS INC COM VZ	VZ	17,642	$800.2k0.61%	0.61%	Reduced -6.3k	-6,300 -26.3%
47	ZOETIS INC CL A ZTS	ZTS	4,719	$777.0k0.59%	0.59%	Reduced -119	-119 -2.5%
48	UNION PAC CORP COM UNP	UNP	3,093	$730.7k0.56%	0.56%	Reduced -1.2k	-1,163 -27.3%
49	CORNING INC COM GLW	GLW	15,435	$706.6k0.54%	0.54%	Reduced -5.5k	-5,500 -26.3%
50	TJX COS INC NEW COM TJX	TJX	5,615	$683.9k0.52%	0.52%	Reduced -2.3k	-2,300 -29.1%
51	NUCOR CORP COM NUE	NUE	5,636	$678.2k0.52%	0.52%	Added +330	+330 6.2%
52	MCDONALDS CORP COM MCD	MCD	2,168	$677.2k0.52%	0.52%	Reduced -900	-900 -29.3%
53	CINTAS CORP COM CTAS	CTAS	3,283	$674.8k0.51%	0.51%	Reduced -94	-94 -2.8%
54	AMERICAN TOWER CORP NEW COM AMT	AMT	3,075	$669.1k0.51%	0.51%	Reduced -1.4k	-1,400 -31.3%
55	OLD DOMINION FREIGHT LINE IN COM ODFL	ODFL	3,984	$659.1k0.50%	0.50%	Reduced -10.9k	-10,908 -73.2%
56	BONDBLOXX ETF TRUST BLOOMBERG SIX MN XHLF	XHLF	12,641	$636.5k0.48%	0.48%	Added +600	+600 5.0%
57	US BANCORP DEL COM NEW USB	USB	14,933	$630.5k0.48%	0.48%	Reduced -5.9k	-5,900 -28.3%
58	INTERNATIONAL PAPER CO COM IP	IP	11,790	$629.0k0.48%	0.48%	Reduced -4.8k	-4,800 -28.9%
59	ISHARES TR 3 7 YR TREAS BD IEI	IEI	5,267	$622.2k0.47%	0.47%	Unchanged
60	AIR PRODS & CHEMS INC COM APD	APD	2,100	$619.3k0.47%	0.47%	Reduced -800	-800 -27.6%
61	CISCO SYS INC COM CSCO	CSCO	9,985	$616.2k0.47%	0.47%	Reduced -4.6k	-4,600 -31.5%
62	GENERAL DYNAMICS CORP COM GD	GD	2,251	$613.6k0.47%	0.47%	Reduced -1.0k	-1,000 -30.8%
63	BANK NEW YORK MELLON CORP COM BNY	BNY	7,310	$613.1k0.47%	0.47%	Reduced -292	-292 -3.8%
64	ILLINOIS TOOL WKS INC COM ITW	ITW	2,447	$606.9k0.46%	0.46%	Reduced -1.0k	-1,010 -29.2%
65	VANGUARD BD INDEX FDS SHORT TRM BOND BSV	BSV	7,618	$596.3k0.45%	0.45%	Added +140	+140 1.9%
66	MORGAN STANLEY COM NEW MS	MS	5,100	$595.0k0.45%	0.45%	Reduced -2.0k	-2,000 -28.2%
67	CATERPILLAR INC COM CAT	CAT	1,745	$575.5k0.44%	0.44%	Reduced -800	-800 -31.4%
68	TEXAS INSTRS INC COM TXN	TXN	3,184	$572.2k0.44%	0.44%	Reduced -1.5k	-1,500 -32.0%
69	NEXTERA ENERGY INC COM NEE	NEE	8,045	$570.3k0.43%	0.43%	Reduced -3.9k	-3,900 -32.6%
70	DISNEY WALT CO COM DIS	DIS	5,735	$566.0k0.43%	0.43%	Reduced -2.6k	-2,600 -31.2%
71	BONDBLOXX ETF TRUST BLOOMBERG ONE YR XONE	XONE	11,356	$564.6k0.43%	0.43%	Added +490	+490 4.5%
72	MARRIOTT INTL INC NEW CL A MAR	MAR	2,355	$561.0k0.43%	0.43%	Reduced -1.7k	-1,684 -41.7%
73	VANGUARD SCOTTSDALE FDS INT-TERM CORP VCIT	VCIT	6,854	$560.4k0.43%	0.43%	Added +107	+107 1.6%
74	PEPSICO INC COM PEP	PEP	3,714	$556.9k0.42%	0.42%	Reduced -1.5k	-1,530 -29.2%
75	ISHARES TR FLTG RATE NT ETF FLOT	FLOT	10,775	$550.1k0.42%	0.42%	Added +98	+98 0.9%
76	DUKE ENERGY CORP NEW COM NEW DUK	DUK	4,490	$547.6k0.42%	0.42%	Added +152	+152 3.5%
77	EMERSON ELEC CO COM EMR	EMR	4,910	$538.3k0.41%	0.41%	Reduced -2.2k	-2,200 -30.9%
78	INTUIT COM INTU	INTU	877	$538.2k0.41%	0.41%	Reduced -19	-19 -2.1%
79	AMERICAN INTL GROUP INC COM NEW AIG	AIG	6,173	$536.7k0.41%	0.41%	Reduced -148	-148 -2.3%
80	NASDAQ INC COM NDAQ	NDAQ	7,055	$535.2k0.41%	0.41%	Reduced -244	-244 -3.3%
81	KLA CORP COM NEW KLAC	KLAC	770	$523.4k0.40%	0.40%	Reduced -18	-18 -2.3%
82	INTERNATIONAL BUSINESS MACHS COM IBM	IBM	2,004	$498.3k0.38%	0.38%	Reduced -12	-12 -0.6%
83	JACOBS SOLUTIONS INC COM J	J	4,082	$493.5k0.38%	0.38%	Reduced -135	-135 -3.2%
84	HCA HEALTHCARE INC COM HCA	HCA	1,413	$488.3k0.37%	0.37%	Reduced -38	-38 -2.6%
85	INVESCO EXCH TRADED FD TR II PFD ETF PGX	PGX	43,169	$484.4k0.37%	0.37%	Added +1.1k	+1,080 2.6%
86	BECTON DICKINSON & CO COM BDX	BDX	2,110	$483.3k0.37%	0.37%	Reduced -1.2k	-1,200 -36.2%
87	WASTE MGMT INC DEL COM WM	WM	2,078	$481.1k0.37%	0.37%	Added +34	+34 1.7%
88	PARKER-HANNIFIN CORP COM PH	PH	783	$475.9k0.36%	0.36%	Reduced -18	-18 -2.2%
89	ISHARES TR MSCI EAFE ETF EFA	EFA	5,561	$454.5k0.35%	0.35%	Reduced -108	-108 -1.9%
90	INVESCO EXCHANGE TRADED FD T S&P500 QUALITY SPHQ	SPHQ	6,777	$449.6k0.34%	0.34%	Added +310	+310 4.8%
91	RAYMOND JAMES FINL INC COM RJF	RJF	3,019	$419.4k0.32%	0.32%	Reduced -90	-90 -2.9%
92	DELL TECHNOLOGIES INC CL C DELL	DELL	4,572	$416.7k0.32%	0.32%	Reduced -126	-126 -2.7%
93	ISHARES TR RUSSELL 2000 ETF IWM	IWM	2,045	$408.0k0.31%	0.31%	Reduced -4	-4 -0.2%
94	SCHWAB STRATEGIC TR US DIVIDEND EQ SCHD	SCHD	14,375	$401.9k0.31%	0.31%	Reduced -1.9k	-1,909 -11.7%
95	CHIPOTLE MEXICAN GRILL INC COM CMG	CMG	7,843	$393.8k0.30%	0.30%	Reduced -115	-115 -1.4%
96	ROPER TECHNOLOGIES INC COM ROP	ROP	667	$393.2k0.30%	0.30%	Reduced -13	-13 -1.9%
97	BADGER METER INC COM BMI	BMI	2,062	$392.3k0.30%	0.30%	Reduced -47	-47 -2.2%
98	ARISTA NETWORKS INC COM SHS ANET	ANET	4,897	$379.4k0.29%	0.29%	Added +1.5k	+1,472 43.0%
99	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	2,278	$378.1k0.29%	0.29%	Reduced -66	-66 -2.8%
100	D R HORTON INC COM DHI	DHI	2,789	$354.6k0.27%	0.27%	Reduced -78	-78 -2.7%

Sold out since Q4 2024

Security	Ticker	Shares held before	Value then
MICROCHIP TECHNOLOGY INC. MCHP	MCHP	24,170	$1.4m24.2k shares
REGENERON PHARMACEUTICALS REGN	REGN	1,820	$1.3m1.8k shares
CHEVRON CORP NEW CVX	CVX	7,731	$1.1m7.7k shares
MERCK & CO INC MRK	MRK	3,189	$317.2k3.2k shares
NOVO-NORDISK A S NVO	NVO	3,579	$307.9k3.6k shares
LULULEMON ATHLETICA INC LULU	LULU	602	$230.2k602 shares