UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Quarter Ended: March 31, 2000
Check here if Amendment [ ]; Amendment Number:
This Amendment : [ ] is a restatement
(Check only one.) [ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Piedra Capital, Ltd.
Address: ) 3700 Buffalo Speedway
Suite 520
Houston, Texas 77098
13F File Number: 028-05713
The institutional investment manager filing this report and the
person by whom it is signed hereby represent th
Person Signing this Report on Behalf of Reporting Manager:
Name: S. Peter Hidalgo, II
Title Principal
Phone: 713-622-7625
Signature, Place and Date of Signing:
S. PETER HIDALGO, II HOUSTON, TEXAS MAY 15, 2000
Report Type (Check only one):
[ XX ] 13F HOLDINGS REPORT
[ ] 13F NOTICE
[ ] 13F COMBINATION REPORT
List of Other managers Reporting for this Manger: 0
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FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 58
Form 13F Information Table Value Total: $195,208.07.00
List of Other Managers:
No. 13F File Number Name
NONE
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FORM 13F HOLDINGS REPORT
PIEDRA CAPITAL, LTD.
All Equity Holdings =>$200,000
March 31, 2000
Title of VALUE SHARES/ SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
Security Class CUSIP (000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
Abbott Laboratories COM 002824100 $1,825.74 51886 SH SOLE None 51886
ADC Telecommunications COM 000886101 $9,125.35 169380 SH SOLE None 169380
AES Corp. COM 00130H105 $5,664.09 71925 SH SOLE None 71925
AFLAC COM 001055102 $4,531.65 99460 SH SOLE None 99460
American Power Conve COM 029066107 $7,965.49 185784 SH SOLE None 170784 15000*
AptarGroup Inc. COM 038336103 $ 244.19 9150 SH SOLE None 9150
Autodesk, Inc. COM 052769106 $6,883.01 151275 SH SOLE None 151275
AutoZone Inc. COM 053332102 $2,497.50 90000 SH SOLE None 90000
Bell Atlantic Corp COM 077853109 $ 220.05 3600 SH SOLE None 3600
BISYS Group COM 055472104 $3,715.36 55870 SH SOLE None 55870
BMC Software Inc. COM 055921100 $5,700.34 115450 SH SOLE None 115450
Calpine Corp. COM 131347106 $ 582.80 6200 SH SOLE None 6200
Cardinal Health Ind COM 14149Y108 $6,885.15 150085 SH SOLE None 150085
Carlisle Companies Inc COM 142339100 $2,032.00 50800 SH SOLE None 50800
Citadel Communications COM 172853202 $ 384.16 9106 SH SOLE None 9106
Compuware Corp COM 205638109 $3,224.25 153080 SH SOLE None 153080
Concord EFS Inc. COM 206187105 $5,256.01 229145 SH SOLE None 229145
Dell Computer COM 247025109 $1,224.38 22700 SH SOLE None 22700
Diebold Inc. COM 253651103 $ 214.50 7800 SH SOLE None 7800
ECI Telecom Ltd. COM 268258100 $3,865.09 123190 SH SOLE None 123190
Elan Corp. ADR ADR 284131208 $7,759.55 163359 SH SOLE None 163359
Equitable Resources,Inc COM 294549100 $ 347.30 7750 SH SOLE None 7750
Exxon Mobil Corporation COM 302290101 $1,581.37 20274 SH SOLE None 20274
Family Dollar Stores COM 307000109 $5,432.27 261010 SH SOLE None 261010
Genzyme General COM 372917104 $5,278.66 105310 SH SOLE None 105310
Harman International COM 413086109 $ 279.00 4650 SH SOLE None 4650
Informix Corporation COM 456779107 $4,961.76 292945 SH SOLE None 292945
Jabil Circuit Inc. COM 466313103 $6,336.13 146500 SH SOLE None 146500
Manor Care Inc. COM 404134108 $3,166.43 234550 SH SOLE None 234550
Masco COM 574599106 $1,535.45 74900 SH SOLE None 74900
MasTec Inc. COM 576323109 $6,881.48 77320 SH SOLE None 77320
MCI Worldcom Inc. COM 55268B106 $1,622.64 35810 SH SOLE None 35810
MedQuist Inc. COM 584949101 $3,153.75 116000 SH SOLE None 116000
MicroChip Technology COM 595017104 $6,539.07 99453 SH SOLE None 99453
NCR Corp. COM 62886E108 $2,667.71 66485 SH SOLE None 66485
Nokia, Inc. ADR 654902204 $1,966.70 8859 SH SOLE None 8859
Nortel Networks Corp. COM 665815106 $3,152.52 25020 SH SOLE None 25020
Office Depot Inc. COM 676220106 $ 206.39 17850 SH SOLE None 17850
Protective Life Corp COM 743674103 $4,549.62 143295 SH SOLE None 143295
QUALCOMM Inc. COM 747525103 $ 477.80 3200 SH SOLE None 3200
Rouse Company COM 779273101 $ 641.46 30365 SH SOLE None 30365
Rowan Companies COM 779382100 $6,656.11 226110 SH SOLE None 218544 7566*
Schering-Plough Corp COM 806605101 $1,310.51 35300 SH SOLE None 35300
Sensormatic Electronics COM 817265101 $ 473.21 21090 SH SOLE None 21090
Solectron Corp. Del. COM 834182107 $1,522.34 37940 SH SOLE None 37940
SouthTrust Corp. COM 844730101 $3,687.93 144980 SH SOLE None 144980
Southwest Airlines, COM 844741108 $5,139.12 246924 SH SOLE None 246924
SunGard Data Systems COM 867363103 $5,266.50 139510 SH SOLE None 139510
Swift Transportation Co COM 870756103 $2,332.90 113800 SH SOLE None 113800
Tech Data Corp. COM 878237106 $2,327.55 70800 SH SOLE None 70800
Tellabs Inc. COM 879664100 $ 214.15 3400 SH SOLE None 3400
Teva Pharmaceutical Ind ADR 881624209 $6,487.52 173870 SH SOLE None 173870
Transocean SEDCO Forex COM 839817106 $6,579.29 128220 SH SOLE None 128220
Visx Inc. ADR 92844S105 $2,472.51 135480 SH SOLE None 135480
Watson Pharmaceuticals COM 942683103 $5,546.13 139745 SH SOLE None 139745
Weatherford Internat'l COM 947074100 $ 501.35 8570 SH SOLE None 8570
Wellman Inc. COM 949702104 $ 217.34 10970 SH SOLE None 10970
Williams-Sonoma COM 969904101 $3,895.46 125660 SH SOLE None 125660
TOTAL PORTFOLIO $195,208.07
*Shares on loan by client as of record date
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