The board of directors of Framingham-based construction firm Perini Corp. has authorized a program to repurchase up to $100 million of the company’s common stock over the next 12 months.

Under the terms of the repurchase program, the company may repurchase shares in open market purchases or through privately negotiated transactions. The company said it expects to use cash on hand to fund repurchases of its common stock.

As of Oct. 31, the company had approximately 50.3 million shares of common stock outstanding.

“This repurchase program demonstrates the confidence that our board of directors and senior management have in the future of Perini and our belief that our shares are currently undervalued,” said Ronald Tutor, chairman and chief executive officer of Perini.