You aren't likely to find cheap stocks among Wall Street's favorite names, but if you are willing to hold your nose and buy when others are fearful, there are always some hidden gems around. Today that list includes A.O. Smith (AOS 0.34%), 3M (MMM 0.59%), and Stanley Black & Decker (SWK 0.47%), all of which are facing some near-term pressures.

Over the long term, though, these companies are likely to be just fine. Here's a quick look at each.

1. A.O. Smith: A little turbulence 

While A.O. Smith isn't a household name, the water heaters it makes allow you to live a more enjoyable life. If yours broke, you would be on the phone immediately to replace it.

That is, in fact, the core of this industrial stock's business. Roughly 70% of its revenues come from North America and a significant portion of that revenue (around 80% or so) is derived from replacement sales. Although not exciting, this geographic region is a reliable, slow-growth foundation.

The rest of the company's sales come from foreign markets like China (the vast majority), and India, where hot water is an increasingly affordable luxury.

For years, China has been the key growth engine for A.O. Smith. That market has been a bit more difficult of late, leaving the company's results choppy. But it is now starting to use its Chinese game plan to reach into India more aggressively. Given the size of the population and growth trends within India, it is highly likely that this market will become a reliable growth engine, too.

Meanwhile, the stock's yield is near a 10-year high, suggesting the stock is cheaply priced today. At 2.1%, the dividend yield is modest on an absolute level, but it has been increased annually for over 25 years and it has grown at a double-digit clip over the past decade. This is a stock worth buying and holding for even conservative types.

2. 3M: Beyond the ugly headlines

Next up is 3M, which is facing legal and regulatory headwinds. On the legal front, military veterans are suing the company with claims that earplugs it produces were defective. On the regulatory front, chemicals the company produced at some plants have been found in the surrounding environment and need to be cleaned up.

Both could be costly issues, and neither will be resolved quickly. Therefore, this is not a stock for the faint of heart.

However, 3M has increased its dividend annually for over 50 years (making it a Dividend King), has an investment-grade-rated balance sheet, and currently sports a 4.9% dividend yield. The yield, notably, is near its highest levels dating all the way back to the 1980s! Yes, the headwinds are an issue, but it looks like Wall Street is pricing in a lot of bad news.

As for the company's underlying business, which is inherently cyclical, it is doing about as well as expected. Notably, each of its divisions had operating margins over 20% in the third quarter of 2022, despite high rates of inflation. There's going to be a lot of headline-grabbing noise here, but if history is any guide, 3M seems likely to muddle through in stride.

3. Stanley Black & Decker: Executing the plan

The last company on the list is probably the hardest to love right now. Stanley Black & Decker entered 2022 expecting to earn between $12 and $12.50 per share on an adjusted basis. By the third quarter, that number had fallen to $4.15 to $4.65 per share. What a difference nine months can make!

The problems are numerous. For example, inflation is increasing the company's costs rapidly. The power tools the company sells expose it to retail customers, a group that tends to be much more reactive than professionals to weakening economic activity. And the efforts to deal with these two issues will make things worse before it helps to make them better.

But management is addressing these issues. For example, it is reducing production to trim down inventories (increasing near-term costs to benefit future performance). It has been selling noncore assets to strengthen the balance sheet. And it is focusing on innovation to maintain and perhaps grow its market share over time. It isn't pretty right now, but it looks like the company is moving in a good direction.

The bad news, however, has pushed the stock down and the dividend yield up to a historically high 4.1%. The dividend, meanwhile, has also hit that 50-year threshold to make it it a Dividend King. If history is any guide, Stanley Black & Decker looks very cheap right now -- if you can handle buying a stock with some very prominent warts.

Don't dawdle 

The headwinds facing A.O. Smith, 3M, and Stanley Black & Decker won't be solved overnight, but they won't likely last forever, either. If you are looking for cheap stocks, these should probably be on your shortlist. And you'll want to do the deep dive now before other investors catch on to the opportunity.