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FRAMINGHAM, Mass. - Construction company Perini Corp. said Thursday that its board has approved the buyback of up to $100 million of the company's common shares over the coming year.
| PCR | 23.25 |  -2.25 |
Perini said under the terms of the program, the company will buy shares on the open market or through privately negotiated deals.
The company plans to use cash on hand to buy the shares. Perini had about 50.3 million shares outstanding as of Oct. 31.
Shares fell $1.10, or 7.8 percent, to $12.95 in after-hours trading Thursday. In the regular session, the stock closed higher along with the broader market, rising 75 cents, or 5.6 percent, to close at $14.05.
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