This is pure speculation, but P M is not a Colt marking. It might, however, be a govt contractor marking on a unit that had the front pin hole opened up for the large screw. Incidentally, I was unaware that anyone but Colt ever made a large screw lower. Learn something every day, I guess. [:D]
As it happens, I just acquired a forward assist Colt upper reciever with a large SP1 type front hole. The letters under the rear sight are C H and the Colt proof marks are stamped just ahead of the ejection port. The forward assist is not the teardrop type, but the early large button with the flat milled on the inside. Since the flat was milled in to clear the increased dimension at the rear of the A2 type lower, I guess the thing was originally one of the early commercial A2 types. I know that Colt spent several years selling ARs that still had A1 sights, after the adoption of the A2, but I didn't realize that they were still using the large pin fronts at that point.