Day Nineteen: Tolkien the Plagiarist?

J.R.R. Tolkien was once a professor of Anglo-Saxon studies at Oxford universities, so it makes sense that most of his stories have something or other to do with Anglo-Saxon (Norse) mythology. A few things that I noticed specifically:
He used many of the dwarf names from Edda in The Hobbit
Gandalf was the name of one dwarf (I guess he thought it sounded more like a wizard's name?)
He wrote several languages to use in The Lord of the Rings, but they all have a distinct Saxon sound to them

But was he a plagiarist?

I don't think so. While names of things like "Gandalf" and "Middle-Earth" were sort of taken, and of course the general ideas of a world of elves and dwarves sound remarkably like Edda, the actual plot is different. There is no Thor, no Midgard serpents. Beyond that, there are no hobbits in Edda! As well as no ents, no Mordor, no Sauron. So he had to come up with the actual story himself, and maybe just borrowed some of the setting.

Thoughts?