What is this barrel stamping?

[tenOC]

It looks like it says FAT like the stocks. Look at the 5th image down.
M1 CARBINE SAGINAW S'G' B/R NO RESERVE : Curios & Relics at GunBroker.com

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[JOHN42768]

It looks like 74 under FAT to my eyes. Italian marking from 1974 maybe. John

[tenOC]

Yep. I'd agree with that.

[painter777]

Remember seeing a STAR symbol stamped in the same place on some of the returns thru CMP from Italy.

FWIW,
Charlie-painter777