Hey there, Fools. We're back again to help you identify some of the most attractive micro-cap stocks worthy of your investment dollars. Just as a reminder, we do this because:

1. Underfollowed micro-cap companies offer great returns -- and sometimes even the best returns.

2. Wall Street is covering fewer stocks than ever before, so this is a great time to start looking for tiny treasures.

3. Micro-cap stocks can burn you if you don't do your homework, so we try to shed more light on the asset class for you.

Microscopic surgery
This column uses our Motley Fool CAPS community-intelligence database to turn up promising stocks. The system asks amateur and professional investors alike to rate stocks either "outperform" or "underperform." In turn, each investor is rated, as is each stock.

The end result is that while only huge companies such as Google have more than 15 or 20 analysts following them, CAPS harnesses the ideas of thousands to get at the long tail of the stock market with the same depth of coverage.

Drumroll, please ...
So without further ado, here are five CAPS stocks sporting a rating of four or five stars, that have market caps between $100 million and $200 million, and that four or fewer professional analysts are covering.

Company

Market Cap (in Millions)

Number of CAPS Ratings

Analysts

Current Analyst Recommendation

White Electronic Designs

$113

21

Two

Two Buys

Standard Motor Products

$140

43

Three

One Buy, Two Sell

Oil-Dri of America (NYSE:ODC)

$147

67

Zero

N/A

Logility (NASDAQ:LGTY)

$154

60

One

Buy

ProCentury (NASDAQ:PROS)

$192

109

Four

Two Strong Buys, Two Buys

Data from Yahoo! Finance and Motley Fool CAPS.

As always, don't view these stocks as hearty formal recommendations, but rather as appetizing starters for further analysis. Agreed?

Now that we have that settled ... Oil-Dri of America and ProCentury might be a pair of small wonders worthy of your Foolish due diligence.

Absorbing argument
Though our CAPS database is filled with market-beating stock ideas, Oil-Dri of America is truly the pick of the litter -- kitty litter, that is. Of the 67 CAPS players who've rated the Chicago-based purveyor of Cat's Name and Johnny Cat-branded cat litter, 65 are bullish.

Naturally, Oil-Dri hasn't been the fastest-growing business over the years, but our community likes the stock for its stable product offerings. Oil-Dri even managed to report first-quarter earnings growth of 51% last Wednesday -- not bad for a pooper scooper. Of course, Oil-Dri still competes with giants Church & Dwight (NYSE:CHD) and Amcol International, so that's certainly something to ponder.

Still, with the stock currently trading at an enterprise value-to-EBITDA ratio of 8 and offering a reasonable yield to boot, Oil-Dri may be worth it.

CAPS player XMFJordan dug in last year:  

So, what do I like about this stinky stock?

Well, let's start with the dividend. At 2.9% I am getting some serious payment just for holding the stock. ...

Throw in that we are trading just a bit above tangible book value (which is likely understated due to a major asset being the clay pits, which would be more costly to replace), solid free cash flow, and a strong competitive moat, I have to love my cat's choice!

Think like the Pros
ProCentury is another stock in the long tail that piques the interest of our community. So far, 109 players have rated the Ohio-based specialty insurer, with just one bear out of the bunch. In fact, during the stock's 20% fall over the past six months, ProCentury has maintained at least a four-star rating. 

Primarily, our community is attracted to management's disciplined underwriting. During the past two years, ProCentury has consistently delivered returns on equity in the mid-teens every quarter, with its combined ratio improving substantially over the past five years. In the latest quarter, management achieved a combined ratio of 93.6% -- down from 94.9% last year, and from its 110% standing in 2002.

With the stock trading at a price-to-book ratio of 1.3 -- historically on the low side for ProCentury -- and a few insiders dabbling in the $13 range, ProCentury might be worth a look.

CAPS All-Star spiritof78 says:  

A company that maintains its underwriting discipline in the current market despite a [competitive] environment that attacks their revenue is a great long term investment. Consider the companies complaining about weak underwriting by competitors [Berkshire Hathaway (NYSE:BRK-A) (NYSE:BRK-B) and Markel (NYSE:MKL)] -- solid companies. Ignore the short term enjoy the long term appreciation.

Are we on the same micro-wavelength?
But of course, the real question is whether you believe these companies are real micro marvels or just small shrimps waiting to get squished. Log on to CAPS, and let us know how you feel.

It's absolutely free, and, within seconds, you'll have access to thousands of potential stock ideas. Join now -- more teeny-tiny treasures await discovery.

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Berkshire is a pick of both the Stock Advisor and Inside Value newsletter services. The Fool's disclosure policy is never too small to be seen.