Does this mean that P/E effect exists in the stock market?

I ran Fama and Macbeth cross sectional regressions of stock returns on beta and price-to earnings (P/E) ratio. The average slope for P/E is 0,21, with a t-statistic 2.57. Does 2.57, a t-statistic for P/E mean that lower P/E stocks have higher future average returnts? P/E effect is a market anomaly, in which low P/E stocks have higher average returns. What's the conlusion more like? Thanks!!!