UPDATE: Barrington Research Downgrades Kennametal to Market Perform on Underperforming Organic Orders

Barrington Research reduces its rating on Kennametal

from Outperform to Market Perform. Barrington Research notes, "We are lowering our investment rating on KMT's shares to MARKET PERFORM from OUTPERFORM rating following what we view lower-thanexpected May 2012 organic orders. While we still believe that KMT is emerging as a high-quality, diversified industrial company, global economic and industrial slowing is causing orders to go negative. We previously had forecast that KMT's orders would remain in the 3-4% range (similar to the previous cycle). We are lowering our Q4/12 and 2013 EPS estimates." KMT closed at $32.82 on Wednesday.