Investors don’t seem to understand the significance of 3M’s recent PFAS settlement with New Jersey, according to BofA Securities.

M will pay the state of New Jersey up to $450 million through the next 25 years to settle claims of PFAS contamination. The Maplewood-based manufacturer sold the “forever chemicals” to the DuPont Chambers Works facility in the Garden State for many years.

M (NYSE: MMM) has reached an agreement that resolves all legacy claims related to the Chambers Works site in Salem County, New Jersey, currently owned by The Chemours Company and, before that, by DuPont.