Overseas investors have scaled back their exposure to Samsung Electronics Co., the country's top market cap, this year as a series of patent rows cast clouds over the firm's earnings down the road, data showed Monday.

Foreigners held a 47.34 percent stake in the world's top smartphone maker as of Friday, falling sharply from 50.45 percent tallied in the first trading session of 2013, the data from the bourse operator Korea Exchange (KRX) showed.

It marked the first time in 44 months for the figure to hover around 47 percent, after reaching 47.32 percent on Dec. 1, 2009.

The sell-off by foreigners also came as JP Morgan slashed the target price for Samsung to 1.9 million won from 2 million won in June, citing weaker-than-expected sales of its flagship Galaxy S4.

After the report was released, overseas investors sold 2.56 million shares worth 3.46 trillion won through Friday, lowering their foothold on the firm to 47.34 percent from 49.24 percent tallied on June 6, 2013.

Shares of Samsung Electronics closed at 1,230,000 won on Friday, plunging 21.9 percent from 1,576,000 won tallied on the first trading session of 2013. The benchmark Korea Composite Stock Price Index (KOSPI) shed 7.4 percent over the cited period.

Market watchers said the decline also came as the South Korean tech giant has been facing a series of patent rows, which are feared to dent its earnings down the road.

Earlier this month, U.S. President Barack Obama overruled a ban on the sale of some of Apple's products, which prohibited the company from importing wireless communication devices and tablet computers manufactured in China.

The decision came after the U.S. International Trade Commission (ITC) said in June that Apple infringed on some of Samsung Electronics' patents in making smartphones and tablet computers.

In a separate move, the ITC also placed a ban on the imports of some smartphones and tablet PCs manufactured by the South Korean firm Friday, accepting Apple Inc.'s complaints filed in 2012.

As the latest ruling is subject to a 60-day presidential review period and will take effect if approved by the Obama administration, Samsung is likely to make an appeal in early October.

The ITC is an independent and quasi-judicial body that determines the impact of imports on U.S. industries and directs actions against unfair trade practices. (Yonhap News)