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Viability Of Protective Puts

I've been reading about using protective puts as a way to "hedge" (or limit) your losses on already profitable positions. But no matter how I slice or dice numbers, it doesn't make sense.

Here's a concrete example: I bought some RGR for $51.48 earlier this year. No that it is $63.62 (+23%) I was wondering if I can buy a protective put to strengthen this position.

There are lots of metrics for choosing the put, but the one that does make sense for me is annualized break even price. The best put within 10% protection is Jan 15 60.5 P, which has ~12.3% of annualized break even yield ($1035 net cost vs $1214 total gain).

Only if I am allowed to drop protection down to 13.55% the annualized break even yield gets to 4.4% (Oct 55).

As I suspected, it that good protection is too expensive. I'm not sure I want $55 strike (too low), but everything closer to money hurts a lot.

What do you think? Is there a real viability of protective puts? Every position I investigate seems to be too pricey.

Disclosure: I am long RGR.