An item that shows you where is the specific point on a map. You can set the target point by typing in coordinates, or pointing at place with your crosshair and pressing
place button while
sneaking. Once point is set, you "own" the compass. You can give it to other people, but only you will be able to change the settings.
unset the compass (or un-own it), open the settings and remove the coordinates (leaving an empty field for "position"), save it, and now compass is (almost) like new.